"CVG has well over 7,500 acres of property," J. Michael Schlotman, Kenton County airport board chairman, said in a release. "We're excited about these new land development initiatives and the economic development opportunities they represent."

The cargo building will be built on 11 acres of land within the next year, a news release said.

The warehouse facility will occupy 41 acres and is expected to be completed by August 2017.

Together the projects are expected to have an economic impact of more than $13 million.